Fed Cuts Rates!!
By now we have all heard about the Fed. cutting rates for a second straight time. Rates were cut the other day by another .25 points. What does this mean for us? Well we should see mortgage rates begin to dip slightly now also. The FED. rate cut is the rate at which banks and other lending institutions get there money, and unfortunately they charge us the consumer a higher rate. What this is designed to do is help get the real estate market going. The main thing that has really hurt us this year is those adjustable rate mortgages or ARM loans. To be honest it not really to prevalent in our area anyway. The thing that has slowed us down is the media's negative attention. What was failed to report was Camden & Gloucester Counties actually showed a slight increase in the price of homes. The areas that have hurt these mortgage companies are Florida, Las Vegas, Texas, California. Nothing has been mentioned of New Jersey. It is my job to help people realize this. We do have buyers out there actively looking. Sure its now harder to get a mortgage, but the same rules still apply as they did before the boom. Good job+good credit+ money down= mortgage. Its pretty simple when you think about it. These banks were giving loans out to everybody! If you ask me they should be held responsible for the mess they created. Its not fair to the people that are unfamiliar with rates and real estate. Noe these poor people are let holding these huge mortgages that have jumped tremendously. Now its just a snowball effect, dragging them deeper into debt until they are foreclosed on or can sell. Its not fair to all those people out there. Well hopefully this gets some more people out there. My office and I have had another good year so far. We are going to be named the # 1 Century 21 office in New Jersey again for the 7th consecutive year. We also have over 630 homes sold this year and there are still 2 months to go.
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